WEX Inc. (NYSE:WEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $134.00 target price on the business services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.81% from the stock’s current price.
According to Zacks, “WEX Inc. provides physical, digital and virtual corporate card payment solutions. The Company operates in two segments: Fleet Payment Solutions and Other Payment Solutions. The Fleet Payment Solutions segment provides customers with fleet vehicle payment processing services. The Other Payment Solutions segment provides customers with payment processing solutions for their corporate purchasing and transaction monitoring needs through its corporate purchase card, its prepaid and gift card products and services. WEX Inc., formerly known as Wright Express Corporation, is headquartered in South Portland, Maine. “
A number of other equities analysts have also recently weighed in on the company. Barclays PLC raised their price objective on WEX from $118.00 to $124.00 and gave the company an “equal weight” rating in a report on Wednesday. Goldman Sachs Group, Inc. (The) raised WEX from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $114.00 to $126.00 in a research note on Monday, September 11th. Credit Suisse Group reaffirmed an “outperform” rating on shares of WEX in a research note on Tuesday, September 5th. BidaskClub raised WEX from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Finally, Raymond James Financial, Inc. began coverage on WEX in a research note on Friday, August 25th. They issued an “outperform” rating and a $115.00 price target on the stock. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. WEX currently has an average rating of “Buy” and a consensus target price of $123.36.
WEX (NYSE:WEX) last announced its quarterly earnings data on Thursday, July 27th. The business services provider reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.11. The company had revenue of $303.90 million for the quarter, compared to analysts’ expectations of $293.91 million. WEX had a return on equity of 13.03% and a net margin of 6.09%. WEX’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same period last year, the firm posted $1.08 EPS.
WEX declared that its board has initiated a stock buyback plan on Tuesday, September 26th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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In other news, SVP Hilary A. Rapkin sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total transaction of $287,500.00. Following the transaction, the senior vice president now directly owns 15,224 shares of the company’s stock, valued at $1,750,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Melissa D. Smith sold 3,333 shares of the business’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $115.00, for a total value of $383,295.00. Following the transaction, the chief executive officer now directly owns 67,047 shares in the company, valued at $7,710,405. The disclosure for this sale can be found here. Insiders have sold 2,395,833 shares of company stock worth $245,048,295 over the last three months. Insiders own 0.86% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of WEX. UBS Asset Management Americas Inc. increased its stake in shares of WEX by 23.4% during the first quarter. UBS Asset Management Americas Inc. now owns 23,782 shares of the business services provider’s stock valued at $2,461,000 after buying an additional 4,510 shares during the period. Prudential Financial Inc. increased its stake in shares of WEX by 5.9% during the first quarter. Prudential Financial Inc. now owns 23,963 shares of the business services provider’s stock valued at $2,480,000 after buying an additional 1,325 shares during the period. Alliancebernstein L.P. increased its stake in shares of WEX by 2.7% during the first quarter. Alliancebernstein L.P. now owns 25,395 shares of the business services provider’s stock valued at $2,628,000 after buying an additional 670 shares during the period. AXA increased its stake in shares of WEX by 3.3% during the first quarter. AXA now owns 12,400 shares of the business services provider’s stock valued at $1,283,000 after buying an additional 400 shares during the period. Finally, Credit Agricole S A purchased a new position in shares of WEX during the first quarter valued at approximately $2,641,000.
WEX Company Profile
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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